The owners of St Thomas Ville are expecting at least $58 million for the 23-unit freehold project at 38 St Thomas Walk. Meanwhile, Kentish Green at 20 Oxford Road has a reserve price of $200 million, down from its previous asking price of $230 million. (Photo: JLL)
Two more condominiums – Kentish Green and St Thomas Ville – are once again trying their luck at a collective sale, after failing in their earlier attempt.
Kentish Green at 20 Oxford Road has a reserve price of $200 million, down from its previous asking price of $230 million, reported the Business Times.
More: Understanding The En Bloc Process (August 2018)
Situated on a 59,165 sq ft site, the 122-unit development has 76 years left on its lease. As such, its buyer will have to pay a $20 million premium to top up the lease to a fresh 99 years, subject to further assessment and an increase in plot ratio.
The Urban Redevelopment Authority had told the development’s collective sale committee that it had potential permissions to raise development parameters.
This includes an increase in height from six to potentially 28 storeys, an increase in plot ratio from 2.8 to 3.0, and the addition of a commercial component at 0.3 percent of the gross floor area.
The site is located close to Farrer Park MRT Station, adjacent to an empty plot where the Russian Cultural Centre is set to be built.
In the event of a successful sale, each owner could receive $1.5 million to $1.8 million based on its $200 million price.
Meanwhile, the owners of St Thomas Ville are expecting at least $58 million for the 23-unit freehold project at 38 St Thomas Walk.
This works out to $1,816 psf per plot ratio, before taking into account any bonus balcony space.
The development was put up for tender in August 2018 but was cancelled due to delays faced in verification of technical details.
It occupies a 11,407 sq ft site zoned residential under the 2014 Master Plan with a gross plot ratio of 2.8 and an allowable height of up to 36 storeys. The Land Transport Authority said no pre-application feasibility study is needed for the site. The rule on minimum average size of 85 sq m is also not applicable as it is within the central area.
Located close to the Orchard Road shopping district and Great World City, St Thomas Ville is close to various schools such as Chatsworth International School and River Valley Primary School.
The tender for St Thomas Ville closes on 27 March, while that for Kentish Green is on 28 March.
Get more details on the property market outlook for 2019 here
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email email@example.com